1) Apply fondant to cake
Roll out the white fondant. Place it over the cake, smooth it down and trim off the excess with a pizza cutter or paring knife. Reserve the excess white fondant. Roll out the black fondant and wrap it around the sides of the cake, trimming and reserving the excess. To create red fondant, knead the excess white fondant into a ball until soft. Using a toothpick, dot red icing color onto the fondant and knead until evenly distributed. Roll out the red fondant, cut into strips and place them around the edges of the "ring." Reserve excess red fondant.